“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
The Pender Corporate Bond Fund returned 2.2% in January, a very strong result which was aided by a few key catalyst events that allowed us to overcome somewhat difficult credit market conditions. Strong performers for […]
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
The Pender Corporate Bond Fund returned 0.5% in December and 7.8% for 2017. While there are always a few missed opportunities, we are generally pleased with how the year turned out. The Fund enjoyed another […]
“You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]
The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.
The Pender Corporate Bond Fund returned 0.6% in October, a fairly good result consistent with the Fund’s more cautious recent positioning. The monthly return was approximately equal to coupons received with a small portion of […]
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
The Pender Corporate Bond Fund returned 0.8% in September, a decent result given that the bond market showed broad-based weakness. The Fund’s short duration and positioning in discounted credits allowed us to make money in […]
“The markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened in […]
The Pender Corporate Bond Fund had a flat result in August, neither losing nor gaining materially in overall net asset value. A group of bonds that declined in price offset the coupon income we received […]
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
The Pender Corporate Bond Fund returned 0.5% in July, a reasonable result in a market that saw significant drawdowns in the benchmark credit indices. Driving the performance of the Fund in July was strong appreciation […]
The Pender Corporate Bond Fund returned 0.3% in June, a reasonably good result given generally weak performance of credit markets. Helping this performance was our position in the convertible notes of EnerNOC Inc, which jumped […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2017
Written by Felix Narhi on .
“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]
Manager’s Commentary – Geoff Castle – February 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
Manager’s Commentary – Geoff Castle – January 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 2.2% in January, a very strong result which was aided by a few key catalyst events that allowed us to overcome somewhat difficult credit market conditions. Strong performers for […]
Manager’s Quarterly Commentary – David Barr – Q4 2017
Written by David Barr on .
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
Manager’s Commentary – Geoff Castle – December 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.5% in December and 7.8% for 2017. While there are always a few missed opportunities, we are generally pleased with how the year turned out. The Fund enjoyed another […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2017
Written by Felix Narhi on .
“You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]
Manager’s Commentary – Geoff Castle – November 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.
Manager’s Commentary – Geoff Castle – October 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.6% in October, a fairly good result consistent with the Fund’s more cautious recent positioning. The monthly return was approximately equal to coupons received with a small portion of […]
Manager’s Quarterly Commentary – David Barr – Q3 2017
Written by David Barr on .
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
Manager’s Commentary – Geoff Castle – September 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.8% in September, a decent result given that the bond market showed broad-based weakness. The Fund’s short duration and positioning in discounted credits allowed us to make money in […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2017
Written by Felix Narhi on .
“The markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened in […]
Manager’s Commentary – Geoff Castle – August 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund had a flat result in August, neither losing nor gaining materially in overall net asset value. A group of bonds that declined in price offset the coupon income we received […]
Manager’s Quarterly Commentary – David Barr – Q2 2017
Written by David Barr on .
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
Manager’s Commentary – Geoff Castle – July 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.5% in July, a reasonable result in a market that saw significant drawdowns in the benchmark credit indices. Driving the performance of the Fund in July was strong appreciation […]
Manager’s Commentary – Geoff Castle – June 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.3% in June, a reasonably good result given generally weak performance of credit markets. Helping this performance was our position in the convertible notes of EnerNOC Inc, which jumped […]